Norfolk Island Wholesale Fuel Price Reduced Further

The wholesale price of unleaded petrol and diesel will be reduced after 7 February 2016 when the next delivery is made.

The new wholesale prices will be $1.60 per litre for unleaded petrol and $1.59 per litre for diesel.

The reductions of $0.23 per litre for unleaded petrol and $0.20 for diesel bring the total reduction in wholesale prices since June 2015 to $0.43 and $0.48 respectively.

The reduction in fuel prices is a result of lower supply prices. I have again determined the entire amount of the savings be passed on through lower wholesale prices.

The US Dollar price per litre for the January 2016 fuel shipment was 14.0% lower than the price in September 2015, and there was a favourable 3.6% increase in the buying power of the Australian Dollar.

The 2015–16 budget of the Administration of Norfolk Island and the Australian Government will not be impacted by these changes.

These price reductions will provide broad benefit to the community and result in savings for individuals and businesses throughout Norfolk Island.

It should be noted that fuel prices are unknown as they are determined by the external market, which results in cost fluctuations for retailers and consumers.

The current pricing structure will remain in place until May 2016, when the next shipment of fuel is due to arrive.